China’s central bank intends to expand the area under testing of its digital yuan currency to four regions of the country. Announcing the move, a top representative of the monetary authority said that the People’s Bank is stepping up digitization efforts this year.
Government to increase digital yuan coverage in 4 provinces of China
The Chinese authorities are going to expand the field of application of the digital yuan to their respective provinces in four of the first pilot cities of the project. These are Shenzhen in South China’s Guangdong Province, Suzhou in eastern Jiangsu Province, Xiong’an New Area in Hebei Province in the north, and Chengdu in southwest China’s Sichuan Province.
English-language newspaper Global Times quoted a report from the Cnstock.com business news portal as saying that with the upgrade of province-wide testing in these areas, the government in Beijing will “continue to advance the innovation of China’s recognized cryptocurrencies”. . Published on Monday.
The plan was announced by the deputy governor of the People’s Bank of China.PBOC) Fan Yifei during an economic forum this week. The high-ranking official stressed that the monetary policy regulator has been accelerating financial digitization since the beginning of this year. He said that the authority has drawn up a roadmap for the country’s fintech development for the period up to 2025.
Fan also underscored the importance of securing key technologies to enhance China’s financial system and build financial infrastructure that can adapt to the development of the digital economy and support the transformation of the Chinese economy.
The PBOC executive explained that the digital yuan has been implemented in several economic sectors including retail and wholesale, catering, leisure, tourism and government payments through both online and offline channels. He stressed that the utility of the digital yuan should be expanded to the provincial level in the first four test cities.
Fan Yifei’s latest statements come after the deputy governor urged China’s central bank to widen the array of use-case scenarios for the digital currency earlier this month.CBDCHe also called for improving the integration between the digital yuan system for electronic payments and traditional instruments to enhance convenience for users of the e-CNY platform.
Do you expect China to further expand the testing area for the digital yuan this year? Tell us in the comments section below.
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